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GE Net Income Falls
Jan 17, 2003
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General Electric Co. said fourth-quarter earnings fell after taking a a large charge at its reinsurance unit, capping a year when its stock fell 39 percent and the company failed to reach its annual benchmark of double-digit earnings growth. GE said its net income fell to U.S. $3.1 billion, or $0.31 a share, in the fourth quarter, from $3.93 billion, or $0.39 a share, a year earlier. As expected, GE said it took the after-tax charge at Employers Reinsurance Corp. to shore up reserves hit by higher-than-expected losses from asbestos and World Trade Center claims. (Reuters)

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